Dáil Éireann Debate, Wednesday - 16 April 2014
18. Deputy Willie O'Dea asked the Minister for Social Protection the number of defined benefit pension schemes that closed in 2013 and to date in 2014; her plans to further reform the pensions industry here; and if she will make a statement on the matter. [17734/14]
View answerI am informed by The Pensions Authority that 54 defined benefit pension schemes closed in 2013 and to date 7 schemes have closed in 2014.The primary objective of pension policy is to ensure the sustainability of pension provision and in that context to support an environment which will provide an adequate income for people in their retirement.
Significant changes in pension policy have been introduced in recent years, particularly in relation to increasing State pension age and supporting the sustainability of defined benefit pension provision.
However, there is no doubt, as set out by the OECD report which I published last April, that Ireland is facing further significant challenges on a number of fronts. The financial sustainability of the pension system as our population ages is a concern and we also face considerable short-term challenges due to the continuing impact of the financial and economic crisis. The OECD Review of the Irish Pension System provides an international perspective on Ireland’s retirement-income provision. It covers all components of the pension system: State, private personal and occupational plans, and schemes for public-sector employees.
The key recommendation in the OECD Review in relation to reform of the Irish pension system is to improve the adequacy of pensions and this can be achieved by increasing coverage in the funded part of the system.
The recommendations in the OECD report are actively being considered.
